This morning, the Cleveland Fed published the median CPI and the trimmed-mean CPI:
The Federal Reserve Bank of Cleveland reports that the Consumer Price Index increased on average by 0.7% in August. In August, the 16% trimmed-mean Consumer Price Index rose 0.6%. The Federal Reserve Bank of Cleveland estimated the median CPI and the 16% trimmed-mean CPI based on information published in the Bureau of Labor Statistics’ (BLS) monthly CPI report.
Nota: The Cleveland Fed published the details of the median CPI here: “Motor Fuel” fell at an annualised rate of 73% in August!
Owners’ Equivalent Rent and Primary Residence Rent, which make up over a third of the median CPI, increased between 7.5% annually in the Midwest and roughly 11% in the South, with an average increase of close to 8.7%. In comparison to July, August saw a greater growth year over year.
This graph displays the change from one year to the next for these four important inflation metrics.
The median CPI increased 6.7% over the previous year, the trimmed-mean CPI increased 7.2%, and the CPI without food and energy increased 6.3%. Core PCE for July grew 4.6% from the same month last year.